a lot of that has to do with energy prices. we expect them to rise. our forecast is for them to rise. do we put in a floor? they probably don't. it makes it a little more, located if they do. it is a fallback position. for draghi, it is a question of whether they cut rates further to respond to another drop in inflation. he does not have to worry about the smut -- this month. >> mike mckee. bloomberg surveillance worldwide on bloomberg radio here in a few hours and we will focus on this further. right now let's focus on company news. >> we go to china where china mobile moves a step closer to offering the iphone. the world's biggest phone company won state approval for the 4g network license. it clears a key hurdle for china mobile to begin offering the iphone in china. microsoft beefing up privacy and online communications. the company is expanding data encryption to protect customer information following reports of u.s. government snooping. microsoft wants to make sure governments use legal means as opposed to brute force to access the customer data